Uber’s gross bookings trending in line this quarter, says Truist

Truist keeps a Buy rating and $60 price target on Uber (UBER) while noting that according to Truist Card Data, the company’s gross bookings are trending in-line so far this quarter. There has been a slowdown in annual growth in Mobility with lower average order values that is likely fueled by Lyft‘s (LYFT) price adjustments, though the firm has also seen an acceleration in Delivery’s bookings despite macro headwinds, the analyst tells investors in a research note. Uber’s in line performance should continue into the quarter’s end as comps get easier for Delivery and a bit tougher for Mobility for the remainder of September, Truist added.